Tell lies to get business
GRAND RAPIDS, MI -- I guess I was asking Wells Fargo for too much to be a great customer and prompt payer, they would rather jerk people around and get that high interest no matter what.
here are the things we are going through with Wells Fargo Bank N/A Financial, very unhappy with and abusive predatory tactics/promises/lies
on 02/18/08 we financed our home with Wells Fargo Financial to pay off debt that we inquired during the rebuilding process of our home, the home was previuosly free & clear, we dealt with Wells fargo, she contacted us cold call, and we were promised a fixed rate loan, no problem, get to closing and it turned out to be an ARM @12% interest with 3 year adjustment, my wife had a few things on her credit that was paid off so according to Wells that we can refinance at a good rate in 1 year, Great! Now we have good credit, no late payments on anything and I mean everything. also extra used funds to put in a new septic system & other improvements so we can get ready to refinance at 95% of value next year as Wells Fargo will do that, but for them to get around that, they have their own appraiser and he will low ball the appraisal, We had house appraised for $90,000 a few months earlier by another appraiser, (but that deal did not go through), and Wells Fargo says it is only worth $70,000 and that was before/after many expensive updates.
Now comes April of 2009 and we were contacted by Wells Fargo Bank N/One of the managers at the Grand Rapids, mi. branch and said we are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in closing costs, very high but he said was negotable Great! so we sent all the paperwork in, in April which was all there, and Wells f also said the sooner we get our paperwork in the sooner we close this loan, so I did just that, then 05/28/09 comes along and we finally got the Truth in lending Disclosure, Great! every thing looks good, the terms and everything were good for us.
OK, now that the home still needed a little work to be perfect, I finished some small projects and still needed to complete the garage, siding, electrical, wood floors, landscaping, etc. so I contacted Wells Fargo and he said the loan is all approved and just waiting on the appraiser, so I waited for a few weeks and asked Wells Fargo again what was going on?, again he said the loan has been approved and still waiting on the appraiser, busy guy, so I asked if I could get my own appraiser and he said no. and David Olson advised me to borrow money to finish your home before the appraiser gets there to get the best appraisal, OK, borrowed about $5000 to finish home and everything was good to go now, just waiting on the appraiser. Now I also asked Wells Fargo if we should get another fianace company to refinance since they were having trouble getting a appraiser here and Wells Fargo said just be patient, the loan is all approved and the appraiser will be there/well this went on all summer, if I would have known Wells Fargo was lying to me, I would have found another finance company, but I would have 2% prepayment penalty on the loan, so we would just stick to the plan.
OK now here comes 08/31/09 a refusal letter stating that we insuffceint income, which we did not a year before and excesive obligations, yes that is true but since we borrowed money to fix up home, thanks to Wells Fargo advise, I would think that would be expected, since I was going to pay off all debt with loan proceeds and we are on a good path to great credit, I have been borrowing money to pay some bills till this loan went through, well since the loan did not go through, I cannot pay my unsecured debt Now I am in big trouble, it is my fault for listening to these lies from David Olson and Wells Fargo. should have seen it coming.
OK, now comes the Home Affordable Modification Loan since our income has dropped $900.per month due to my tenants not paying and the overwhelming unsecured debt( my wife is a Vet and we are both on Social Security fixed income due to disability's), that was 09/11/09 We sent all required info for the Home Affordable Modification to Wells Fargo and on 11/04/09 Wells Fargo needed more info, we sent that out promptly and about a week later Wells Fargo called me and said we do not qualify for the Home Affordable Program, we received too much money and the payment would go UP instead of down, I then asked her if there is another way of getting this home in a good loan, and she said it was in a good loan and 12% ARM is a very good rate? WHAT? and she kept insisting me that she trying her best to help me? WHAT?, well that conversation did not end well.
1. OK now check out these 3 situations- 02/18/08 had good credit except wife, not too bad, promised a fixed rate-we get 12% ARM 40 year $675 a month, OK no problem say Wells Fargo, at time promised us refinance next year when these marks are off of credit.
2. now we apply for a good loan all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a month, down from $675.00 month perfect! come 08/31/09, got refused for this loan, findings-could not afford this loan/payment? WHAT?
3. Now we apply for the Home Affordable Modification 11-09, since our monthly income went down $900 a month, got refused because we receive too much money and the payments would go UP from $675. month, instead of down, Well That is our nightmare with this bank. How can anyone lie to get business, dirty play!